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(Figure: Wine and Wheat) Using the graph, if this economy is producing at point

ID: 1248778 • Letter: #

Question

(Figure: Wine and Wheat) Using the graph, if this economy is producing at point A, we know the economy is: Choose one answer. using its resources efficiently. using its resources inefficiently. producing at an unattainable point. trading with another country. Alexander has a straight line or linear production possibility frontier when he produces soybeans and corn. If he uses all of his resources, he can produce 200 bushels of soybeans; if he uses all of his resources for corn production, he can produce 400 bushels of corn. Which of the following combinations of corn and soybeans are not possible for him to produce? Choose one answer. 200 bushels of soybeans and zero bushels of corn 600 bushels of corn and 200 bushels of soybeans 400 bushels of corn and zero bushels of soybeans 100 bushels of soybeans and 200 bushels of corn

Explanation / Answer

I will answer the first question. Please post the second question separately. It is a violation of Cramster policies to combine questions. The correct answer is A. We know that the firm is producing inefficiently because A is inside the curve. That is, the firm could produce more of both produces by moving to the edge of the curve.

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